... BRISBANE Australia March 27 /- ProgenPha...Progen will maintain the manufacturing facility with existing contract... Our manufacturing division has been of great value and has servedPro... However as far as PI-88 is concerned the facility was never designe...

BRISBANE, Australia, March 27 /PRNewswire-FirstCall/ -- Progen
Pharmaceuticals Limited (ASX: PGL; Nasdaq: PGLA) today announced that it
will outsource the commercial manufacture of PI-88. The Progen
manufacturing facility at the Brisbane suburb of Darra will be retained as
a stand-alone business providing process development services and the
manufacture of drug development material. Progen expects the transfer of
PI-88 manufacture to occur in the next 12 to 18 months.

Progen will maintain the manufacturing facility with existing contracts
as a break even operation, and will be assessing its options to either
increase facility profitability through additional manufacturing contracts
and/or seek a commercial buyer.

"Our manufacturing division has been of great value and has served
Progen very well in the past, having made all PI-88 to date, including the
supply to be used in the Phase 3 PATHWAY trial as well as having played and
continuing to play an important role in supplying contract manufacturing
services globally," said Progen's CEO, Justus Homburg.

"However, as far as PI-88 is concerned, the facility was never designed
for the manufacture of commercial quantities, and we intend to contract out
commercial PI-88 production to an established large-scale commercial
bio-pharmaceutical manufacturer."

Further, following several years of in-house active drug development,
the chemistry on newly identified lead compound PG545 has essentially been
completed. PG545 has been selected for investigational new drug (IND)
enabling studies, which are being outsourced.

The restructure involves 8 redundancies in the manufacturing division
and 4 in drug discovery and aims to conserve current cash reserves for
driving present and future Progen lead compounds towards commercialization.
In summary, following the decisions taken, Progen will:

-- Contract out the commercial supply of PI-88 to an established

bio-pharmaceutical manufacturing facility that has a long-standing

history of producing commercial bio-pharmaceuticals with FDA approvals;

-- Downsize its manufacturing facility from 17 to 9 FTE staff;

-- Downsize its drug discovery team from 12 to 8 FTE staff; and

-- Retain key staff:

- For continuing development of Progen's discovery heparanase

inhibitor program;

- For biological assessment of the expanded Progen portfolio of

preclinical compounds; and

- To manage the transfer of manufacturing know-how and the submission

of, amongst others, the Chemistry, Manufacturing and Controls (CMC)

parts of the New Drug Application (NDA).

Progen Information:

Linton Burns

Progen Pharmaceuticals Limited

T: +61 7 3842 3333

E: lintonb@progen-pharma.com

Media and Investor Relations Australia:

Cindy Ingram

Progen Pharmaceuticals Limited

T: +61 7 3842 3333

E: cindyi@progen-pharma.com

This press release contains forward-looking statements that are based
on current management expectations. These statements may differ materially
from actual future events or results due to certain risks and
uncertainties, including without limitation, risks associated with drug
development and manufacture, risks inherent in the extensive regulatory
approval process mandated by the United States Food and Drug Administration
and the Australian Therapeutic Goods Administration, delays in obtaining
the necessary approvals for clinical testing, patient recruitment, delays
in the conduct of clinical trials, market acceptance of PI-88, PI-166 and
other drugs, future capital needs, general economic conditions, and other
risks and uncertainties detailed from time to time in the Company's filings
with the Australian Securities Exchange and the United States Securities
and Exchange Commission. Moreover, there can be no assurance that others
will not independently develop similar products or processes or design
around patents owned or licensed by the Company, or that patents owned or
licensed by the Company will provide meaningful protection or competitive
advantages.

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